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Global Absorption Chillers Market Size, Share, Growth: By Refrigerant Type: Ammonia, Lithium Bromide; By Technology: Single Stage, Double Stage, Others; By Source of Energy: Gas Fired, Steam Heated, Direct Fired, Others; By Application; By End Use; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032
Global Absorption Chillers Market Outlook
The global absorption chillers market reached a value of USD 1.40 billion in 2023. The industry is further expected to grow at a CAGR of 4.0% in the forecast period of 2024-2032 to reach a value of around USD 2.00 billion by 2032.
| Global Absorption Chillers Market Report Summary | Description | Value |
| Base Year | USD Billion | 2023 |
| Historical period | USD Billion | 2018-2023 |
| Forecast Period | USD Billion | 2024-2032 |
| Market Size 2023 | USD Billion | 1.4 |
| Market Size 2032 | USD Billion | 2.0 |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 4.0% |
| CAGR 2024-2032 - Market by Region | Asia Pacific | 5.2% |
| CAGR 2024-2032 - Market by Country | India | 5.9% |
| CAGR 2024-2032 - Market by Country | UK | 4.9% |
| CAGR 2024-2032 - Market by Refrigerant Type | Lithium Bromide | 4.4% |
| CAGR 2024-2032 - Market by End Use | Industrial | 4.5% |
| Market Share by Country 2023 | India | 7.5% |
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The Asia Pacific Leading the Global Market for Absorption Chillers
The Asia Pacific is the leading region for absorption chiller and is likely to continue growing at a rapid rate in the forecast period as well. The growth is primarily being triggered by the rising demand from developing countries like China and India. The application of the product is expected to witness a boost in these nations due to the electricity shortfalls because of an improper electricity flow in these emerging nations. The product is widely demanded among the consumers due to its cost-effectiveness, as compared to the traditional alternatives.
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Absorption Chiller: Market Segmentation
Absorption chillers are heat-operated cooling systems. In contrast to other cooling devices, absorption chillers consume little fuel. Absorption chillers use excess heat energy for cooling purposes- a by-product of gas turbines, shopping areas, and hotels. They are widely used in educational institutions, hospitals, and mini-vans, due to their low operating costs.
Based on the refrigerant type, the market can be divided into:
- Ammonia
- Lithium Bromide
Based on technology, the industry can be segmented as follows:
- Single Stage
- Double Stage
- Others
The sources of energy can be categorised as follows:
- Gas Fired
- Steam Heated
- Direct Fired
- Hot Water Heated
- Others
Absorption chillers find wide applications in the following segments:
- Food Storage
- Air Conditioning
- Others
The end-uses of the product include:
- Domestic
- Industrial
- Commercial
The regional markets for absorption chiller can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
| CAGR 2024-2032 - Market by | Country |
| India | 5.9% |
| UK | 4.9% |
| Australia | 3.5% |
| Japan | 3.1% |
| Germany | 2.6% |
| USA | XX% |
| Canada | XX% |
| France | XX% |
| Italy | 2.0% |
| China | XX% |
| Saudi Arabia | XX% |
| Brazil | XX% |
| Mexico | XX% |
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Rising Applications of Absorption Chillers Bolstering the Market Growth
The industry is likely to witness a significant growth in the coming years due to the favourable features of the product. It has minimal maintenance requirements, is energy-saving, and causes less environmental damage. The thriving demand for district heating and cooling infrastructure is expected to boost the demand for absorption chillers. The rising adoption of absorption chillers saves a lot of space and also offers high reliability to the consumers, which is expected to propel the growth of the market. The increased demand for a reduction of energy and operating costs is encouraging owners and operators, particularly in the manufacturing, commercial, and residential buildings, to develop energy-efficient heating and cooling applications, such as absorption chillers. These factors are expected to aid the growth of the absorption chillers industry in the coming years.
Key Industry Players in the Global Absorption Chillers Market
The report gives a detailed analysis of the following key players in the global absorption chillers market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Carrier Global Corporation
- Thermax Limited.
- Kirloskar Pneumatic Company Ltd.
- Johnson Controls-Hitachi Air Conditioning
- LG Electronics
- Trane Technologies Company, LLC
- ROBUR S.p.A
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Refrigerant Type |
|
| Breakup by Technology |
|
| Breakup by Source of Energy |
|
| Breakup by Application |
|
| Breakup by End Use |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Absorption Chillers Market Analysis
8.1 Key Industry Highlights
8.2 Global Absorption Chillers Historical Market (2018-2023)
8.3 Global Absorption Chillers Market Forecast (2024-2032)
8.4 Global Absorption Chillers Market by Refrigerant Type
8.4.1 Ammonia
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Lithium Bromide
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Absorption Chillers Market by Technology
8.5.1 Single Stage
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Double Stage
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Others
8.6 Global Absorption Chillers Market by Source of Energy
8.6.1 Gas Fired
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Steam Heated
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Direct Fired
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Hot Water Heated
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Others
8.7 Global Absorption Chillers Market by Application
8.7.1 Food Storage
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Air Conditioning
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Others
8.8 Global Absorption Chillers Market by End Use
8.8.1 Domestic
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Industrial
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Commercial
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.9 Global Absorption Chillers Market by Region
8.9.1 North America
8.9.1.1 Historical Trend (2018-2023)
8.9.1.2 Forecast Trend (2024-2032)
8.9.2 Europe
8.9.2.1 Historical Trend (2018-2023)
8.9.2.2 Forecast Trend (2024-2032)
8.9.3 Asia Pacific
8.9.3.1 Historical Trend (2018-2023)
8.9.3.2 Forecast Trend (2024-2032)
8.9.4 Latin America
8.9.4.1 Historical Trend (2018-2023)
8.9.4.2 Forecast Trend (2024-2032)
8.9.5 Middle East and Africa
8.9.5.1 Historical Trend (2018-2023)
8.9.5.2 Forecast Trend (2024-2032)
9 North America Absorption Chillers Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Absorption Chillers Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Absorption Chillers Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Absorption Chillers Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Absorption Chillers Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Carrier Global Corporation
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Thermax Limited.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Kirloskar Pneumatic Company Ltd.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Johnson Controls-Hitachi Air Conditioning
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 LG Electronics
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Trane Technologies Company, LLC
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 ROBUR S.p.A
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Others
16 Key Trends and Developments in the Market
Additional Customisations Available
1 Manufacturing Process
1.1 Overview
1.2 Detailed Process Flow
1.3 Operation Involved
2 Project Requirements and Cost Analysis
2.1 Land, Location, and Site Development
2.2 Construction
2.3 Plant Machinery
2.4 Raw Material
2.5 Packaging
2.6 Transportation
2.7 Utilities
2.8 Manpower
2.9 Other Capital Investments
List of Key Figures and Tables
1. Global Absorption Chillers Market: Key Industry Highlights, 2018 and 2032
2. Global Absorption Chillers Historical Market: Breakup by Refrigerant Type (USD Billion), 2018-2023
3. Global Absorption Chillers Market Forecast: Breakup by Refrigerant Type (USD Billion), 2024-2032
4. Global Absorption Chillers Historical Market: Breakup by Source of Energy (USD Billion), 2018-2023
5. Global Absorption Chillers Market Forecast: Breakup by Source of Energy (USD Billion), 2024-2032
6. Global Absorption Chillers Historical Market: Breakup by Application (USD Billion), 2018-2023
7. Global Absorption Chillers Market Forecast: Breakup by Application (USD Billion), 2024-2032
8. Global Absorption Chillers Historical Market: Breakup by End Use (USD Billion), 2018-2023
9. Global Absorption Chillers Market Forecast: Breakup by End Use (USD Billion), 2024-2032
10. Global Absorption Chillers Historical Market: Breakup by Region (USD Billion), 2018-2023
11. Global Absorption Chillers Market Forecast: Breakup by Region (USD Billion), 2024-2032
12. North America Absorption Chillers Historical Market: Breakup by Country (USD Billion), 2018-2023
13. North America Absorption Chillers Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Europe Absorption Chillers Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Europe Absorption Chillers Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Asia Pacific Absorption Chillers Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Asia Pacific Absorption Chillers Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Latin America Absorption Chillers Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Latin America Absorption Chillers Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Middle East and Africa Absorption Chillers Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Middle East and Africa Absorption Chillers Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Global Absorption Chillers Market Structure
Key Questions Answered in the Report
In 2023, the global absorption chillers market attained a value of USD 1.40 billion.
The market is projected to grow at a CAGR of 4% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 2.00 billion by 2032.
The major market drivers include the growing demand for absorption chillers in emerging economies, the rising use of the product amid electricity shortfalls, and the cost-effectiveness offered by absorption chillers.
The key trends guiding the market include the growing eco-consciousness and rising demand for absorption chillers to reduce energy and operating costs.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The leading refrigerant types in the market are ammonia and lithium bromide.
The major technologies considered in the market report include single stage and double stage, among others.
The significant sources of energy in the market are gas fired, steam heated, direct fired, and hot water heated, among others.
The various applications of absorption chillers in the market are food storage and air conditioning, among others.
The significant end uses of absorption chillers include domestic, industrial, and commercial.
The major players in the market are Carrier Global Corporation, Thermax Limited., Kirloskar Pneumatic Company Ltd., Johnson Controls-Hitachi Air Conditioning, LG Electronics, Trane Technologies Company, LLC, and ROBUR S.p.A, among others.
Analyst Review
The global absorption chillers market attained a value of USD 1.40 billion in 2023, driven by the increasing demand for district heating and cooling infrastructure. Aided by the rising eco-consciousness, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 4%. The market is projected to reach USD 2.00 billion by 2032.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. By refrigerant type, the industry is segmented into ammonia and lithium bromide. On the basis of technology, the industry can be divided into single stage and double stage, among others. Based on the sources of energy, the market is categorised into gas fired, steam heated, direct fired, and hot water heated, among others. The leading application segments in the industry are food storage and air conditioning, among others. By end-uses, the market is segmented into domestic, industrial, and commercial. The major regional markets for absorption chillers are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa, with the Asia Pacific leading the market. The key players in the above market include Carrier Global Corporation, Thermax Limited., Kirloskar Pneumatic Company Ltd., Johnson Controls-Hitachi Air Conditioning, LG Electronics, Trane Technologies Company, LLC, and ROBUR S.p.A, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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